Postie Plus Group, the clothing and baby-ware chain, sold its stake in Waimate Knitwear to the Mulqueen family and plans to exit its knitwear manufacturing in North Otago as it continues to streamline its business. Waimate Knitwear is the final portion of restructuring of the Postie Plus Group, informed the Chairman, Mr. Peter van Rij.
The group sold its unprofitable Arbuckle Manchester chain to Cameron and consolidated its total distribution to one Christchurch centre to reduce costs and improve its stock management.
In this regard, Mr. Rij stated that the quality and the volume of inventories of the group are at good level for the first time. In the year 2009, the company saved around $1.7 million on account of the Profit Improvement Program, which has reduced the costs at each step across the supply chain, he informed.
Postie Plus joins Warehouse Group and other retailers, which are very optimistic regarding their assessment of the ongoing economic situation as they are engaged in preparations for upcoming Christmas season.
As per the National Bank Business Outlook, these retailers were the only sub-group to show confidence during the current state of the economy, even when the consumers remain subdued regarding the same.
The group witnessed 15 percent increase in its first-quarter sales after implementing the changes.
Fibre2fashion News Desk - India
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